An art school uses an online lending matchmaker to find capital.
When the economy tanked around 2008, enrollment in Olya Losina’s fledgling art school began to wane. Marketing the San Diego-based Losina Art Center to a new crop of students required cash the painter and her husband/business partner, Bill Beatty, didn’t have. So in late 2011 they created a profile on Lendio, a free online service that matches small businesses with lenders. Within minutes, they had a customized list of half a dozen potential lenders offering the five-figure, short-term financing they were seeking. Within days, they received the cash they needed.